OSAKA, Japan--(BUSINESS WIRE)--Hankyu Hanshin Properties Corp. (“Hankyu Hanshin Properties”), an 100% subsidiary of Hankyu Hanshin Holdings, Inc. (“Hankyu Hanshin Holdings”), is entering the overseas commercial real estate leasing business with the partial acquisition of two properties in Indonesia. The properties, Plaza Indonesia Complex and fX Sudirman, are both landmark multipurpose buildings in Jakarta, and Hankyu Hanshin Properties became the beneficial partial owner on June 24 through the acquisition of shares in the local entity that holds the assets.
Jakarta is one of South East Asia’s leading global cities, and the properties are located on the main thoroughfare of Jakarta’s central business district in prime positions next to stations on the North-South Line of the MRT, Indonesia’s first subway system, which opened in April 2019. Management of the properties will be carried out jointly with Bumi Serpong Damai (“BSD”), a subsidiary of major Indonesian real estate developer Sinarmas Land, and other parties. BSD has extensive previous experience with large scale commercial, office and other real estate developments in and around Jakarta, including the development of Bumi Serpong Damai City.
Hankyu Hanshin Properties has been investing in residential condominiums outside of Japan since 2015, and currently has a portfolio of more than 26,000 units in five South East Asian countries. The Company intends to build on its experience in residential property and pursue further real estate development and leasing business outside of Japan.
About Hankyu Hanshin Holdings, Inc.
Hankyu Hanshin Holdings, Inc. was formed in October 2006 from the merger of Hankyu Holdings with Hanshin Electric Railway. Centered on the Kansai region of Japan, the company operates in seven core business areas: urban transportation, real estate, entertainment, information and communication technology, travel, international transportation and hotels.
About Hankyu Hanshin Properties Corp.
Hankyu Hanshin Properties Corp. has extensive property development and leasing business, centered on locations adjacent to railway networks in Osaka, primarily in Umeda and along the associated Hankyu and Hanshin lines. The company has deep experience in operating properties and optimizing leasing revenues, and is leveraging its expertise and resources to develop business in new markets such as the Tokyo metropolitan area and countries outside of Japan.